To understand this news, we must first differentiate between Fiat currency and cryptocurrency. Fiat is a legal tender tied to the U.S. dollar. Cryptocurrencies, on the other hand, are not legal tender in most countries. Moreover, their values are tied to their blockchain technologies. Thus, from a traditional point of view, one might consider Fiat more credible than crypto. However, in today’s digital scene, that is not the case at all.
This is where this piece of news becomes important. As crypto is gaining traction among the people of the world due to a shift towards decentralization, more and more companies are also moving towards the same. According to reports, For Giving Tuesday anticipates that crypto donations will outnumber fiat donations by quite a large margin. For Giving Tuesday is a charity website that helps organizations like Salvation Army, religious groups, and even NGOs receive funds.
It has been reported that the donations this time will largely be in cryptocurrencies. Crypto donations will be fifty times higher than the usual ones. The reason behind this is that crypto is a significant tax deduction. Moreover, crypto donations are more effective as donations compared to other forms of donations. The aforementioned comments have all been made by James Lawrence, the founder of Engiven. It seems that Lawrence clearly favors crypto over other forms of donations.
For those who are unaware, there is a surge in donations right after Thanksgiving in the U.S.A, and this time, it has been all about crypto.